Walmart, Target, Best Buy and other retailers created a cooperative nearly a year ago to develop a mobile payment approach and this week they welcomed another major player to the fold.
According to All Things Digital, Kohl’s is the newest member of the mobile payments cooperative launched last year known as the Merchant Customer Exchange, or MCX, which also includes CVS and GAP Inc. Major retailers are normally intensely competitive, but in some cases when an issue has overarching implications for the retail industry major players band together to develop a solution that addresses the needs of all industry participants. This effect is common in the area of loss prevention, product safety or technology standards where all retailers win when organized retail crime is curtailed or food safety is enhanced.
As for mobile payments, retailers need a solution optimized for the convenience of customers and their own efficiency as opposed to a mobile wallet app designed to grown the profits of third parties.
Click here to read what All Things Digital had to say on the subject.